![\"\"](\"https:\/\/www.phfm.vn\/wp-content\/uploads\/ZALO-POSTlinkedin-event-1280-x-720-px-Phuong-11.png\")
<\/p>\n\u00d4ng \u0111\u00e1nh gi\u00e1 g\u00ec v\u1ec1 tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n 2026 v\u00e0 nh\u1eefng nh\u00f3m ng\u00e0nh n\u00e0o s\u1ebd c\u00f3 ti\u1ec1m n\u0103ng b\u1ee9t ph\u00e1?<\/em><\/p>\n Ngo\u00e0i nh\u1eefng c\u00e2u chuy\u1ec7n v\u1ec1 k\u1ef3 v\u1ecdng d\u00f2ng ti\u1ec1n ngo\u1ea1i gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng sau khi \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng, \u0111i\u1ec3m c\u1ed1t l\u00f5i \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ecbnh gi\u00e1 cao v\u00e0 b\u1ec1n v\u1eefng \u0111\u1ec1u quy v\u1ec1 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn trong d\u00e0i h\u1ea1n.<\/p>\n Nh\u1eefng ng\u00e0nh c\u00f3 ti\u1ec1m n\u0103ng nh\u1ea5t trong n\u0103m 2026 l\u00e0 nh\u1eefng ng\u00e0nh c\u00f3 kh\u1ea3 n\u0103ng h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e0n s\u00f3ng \u0111\u1ea7u t\u01b0 c\u00f4ng v\u00e0 x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng, bao g\u1ed3m nh\u00f3m v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng, s\u1ea3n xu\u1ea5t \u0111i\u1ec7n, x\u00e2y d\u1ef1ng h\u1ea1 t\u1ea7ng \u0111i\u1ec7n. Ch\u00fang \u0111\u00e3 b\u1eaft \u0111\u1ea7u c\u00f3 nh\u1eefng t\u00edn hi\u1ec7u t\u00edch c\u1ef1c khi m\u1ed9t s\u1ed1 d\u1ef1 \u00e1n h\u1ea1 t\u1ea7ng b\u1ecb tr\u00ec tr\u1ec7 l\u00e2u \u0111\u00e3 \u0111\u01b0\u1ee3c kh\u01a1i th\u00f4ng ph\u00e1p l\u00fd v\u00e0 ti\u1ebfp t\u1ee5c ho\u00e0n thi\u1ec7n.<\/p>\n B\u00ean c\u1ea1nh \u0111\u00f3, vi\u1ec7c Ch\u00ednh ph\u1ee7 \u0111\u00e3 th\u00f4ng qua k\u1ebf ho\u1ea1ch \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng l\u1edbn nh\u1ea5t t\u1eeb tr\u01b0\u1edbc \u0111\u1ebfn nay s\u1ebd bi\u1ebfn Vi\u1ec7t Nam th\u00e0nh m\u1ed9t \u0111\u1ea1i c\u00f4ng tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y s\u1ebd k\u00e9o theo nhu c\u1ea7u v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng nh\u01b0 \u0111\u00e1, xi m\u0103ng, th\u00e9p… t\u0103ng cao v\u00e0 s\u1ebd gi\u00fap c\u00e1c doanh nghi\u1ec7p n\u00e0y t\u0103ng tr\u01b0\u1edfng doanh thu, gi\u00fap gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn d\u01b0 th\u1eeba c\u00f4ng su\u1ea5t c\u1ee7a m\u1ed9t s\u1ed1 ng\u00e0nh nh\u01b0 ng\u00e0nh xi m\u0103ng.<\/p>\n C\u00e1c xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 AI, xe \u0111i\u1ec7n s\u1ebd y\u00eau c\u1ea7u l\u01b0\u1ee3ng \u0111i\u1ec7n n\u0103ng r\u1ea5t l\u1edbn v\u00e0 g\u00e2y \u00e1p l\u1ef1c l\u00ean h\u1ec7 th\u1ed1ng ph\u00e1t \u0111i\u1ec7n c\u0169ng nh\u01b0 truy\u1ec1n t\u1ea3i, l\u01b0u tr\u1eef \u0111i\u1ec7n. C\u00e1c \u0111i\u1ec3m ngh\u1ebdn v\u1ec1 ph\u00e1p l\u00fd \u0111\u1ed1i v\u1edbi nh\u1eefng d\u1ef1 \u00e1n \u0111i\u1ec7n, c\u01a1 ch\u1ebf mua b\u00e1n \u0111i\u1ec7n, quy ho\u1ea1ch t\u1ed5ng th\u1ec3 \u0111\u00e3 v\u00e0 \u0111ang \u0111\u01b0\u1ee3c th\u00e1o g\u1ee1 d\u1ea7n d\u1ea7n khi\u1ebfn PHFM tin ng\u00e0nh \u0111i\u1ec7n, h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng s\u1ebd h\u01b0\u1edfng l\u1ee3i trong n\u0103m nay.<\/p>\n <\/p>\n Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ti\u1ebfp \u0111\u00e0 h\u1ed3i ph\u1ee5c<\/strong><\/p>\n Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n 2026 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd b\u01b0\u1edbc v\u00e0o chu k\u1ef3 m\u1edbi hay v\u1eabn trong giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh? Ph\u00e2n kh\u00fac n\u00e0o s\u1ebd l\u00e0 \u0111i\u1ec3m s\u00e1ng?<\/em><\/p>\n Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n 2026 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u00e0 h\u1ed3i ph\u1ee5c c\u1ee7a n\u0103m 2025 nh\u1edd nh\u1eefng ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 c\u1ee7a Ch\u00ednh ph\u1ee7. B\u1ea3n th\u00e2n c\u00e1c doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u0169ng \u0111ang t\u1eadn d\u1ee5ng \u0111\u00e0 h\u1ed3i ph\u1ee5c \u0111\u1ec3 t\u00e1i kh\u1edfi \u0111\u1ed9ng c\u00e1c d\u1ef1 \u00e1n c\u0169 c\u0169ng nh\u01b0 tranh th\u1ee7 gi\u1ea3m b\u1edbt h\u00e0ng t\u1ed3n kho, c\u00e2n b\u1eb1ng l\u1ea1i t\u1ef7 l\u1ec7 \u0111\u00f2n b\u1ea9y.<\/p>\n C\u00e1c quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt m\u1edbi \u0111ang \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i theo h\u01b0\u1edbng h\u1ed7 tr\u1ee3 \u0111\u1ea9y nhanh ti\u1ebfn \u0111\u1ed9 gi\u1ea3i ph\u00f3ng m\u1eb7t b\u1eb1ng, t\u0103ng t\u1ed1c \u0111\u1ed9 ho\u00e0n th\u00e0nh th\u1ee7 t\u1ee5c, gi\u00fap gi\u1ea3m th\u1eddi gian \u0111\u1ea7u t\u01b0, \u0111\u1ea9y ngu\u1ed3n cung m\u1edbi ra th\u1ecb tr\u01b0\u1eddng s\u1edbm h\u01a1n. Ngo\u00e0i ra, Ch\u00ednh ph\u1ee7 c\u0169ng ban h\u00e0nh v\u00e0 d\u1ef1 \u0111\u1ecbnh ban h\u00e0nh nhi\u1ec1u ch\u00ednh s\u00e1ch v\u1ec1 nh\u00e0 \u1edf x\u00e3 h\u1ed9i, t\u0103ng ngu\u1ed3n cung nh\u00e0 gi\u00e1 r\u1ebb, qua \u0111\u00f3 gi\u00fap ki\u1ec1m ch\u1ebf gi\u00e1 nh\u00e0 t\u0103ng n\u00f3ng, v\u01b0\u1ee3t qu\u00e1 kh\u1ea3 n\u0103ng c\u1ee7a ng\u01b0\u1eddi d\u00e2n. Ph\u00e2n kh\u00fac nh\u00e0 \u1edf x\u00e3 h\u1ed9i, nh\u00e0 \u1edf ph\u00e2n kh\u00fac trung c\u1ea5p tr\u1edf xu\u1ed1ng s\u1ebd l\u00e0 t\u00e2m \u0111i\u1ec3m nh\u1edd \u0111\u01b0\u1ee3c Ch\u00ednh ph\u1ee7 h\u1ed7 tr\u1ee3, m\u1eb7c d\u00f9 t\u1ef7 su\u1ea5t sinh l\u1eddi khi l\u00e0m nh\u1eefng d\u1ef1 \u00e1n n\u00e0y kh\u00f4ng cao.<\/p>\n <\/p>\n \u00d4ng \u0111\u00e1nh gi\u00e1 g\u00ec v\u1ec1 s\u1ee9c h\u1ea5p d\u1eabn k\u00eanh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p trong n\u0103m 2026?<\/em><\/p>\n Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 qua giai \u0111o\u1ea1n kh\u00f3 kh\u0103n nh\u1ea5t v\u00e0 \u0111ang h\u1ed3i ph\u1ee5c kh\u00e1 t\u1ed1t. N\u0103m 2025, t\u1ed5ng gi\u00e1 tr\u1ecb TPDN ph\u00e1t h\u00e0nh \u0111\u1ea1t g\u1ea7n 589 ng\u00e0n t\u1ef7 \u0111\u1ed3ng, t\u0103ng 24.7% so v\u1edbi n\u0103m tr\u01b0\u1edbc. Trong \u0111\u00f3, tr\u00e1i phi\u1ebfu ng\u00e2n h\u00e0ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n chi\u1ebfm g\u1ea7n 90% gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh v\u00e0 h\u01a1n 80% t\u1ed5ng gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu \u0111ang l\u01b0u h\u00e0nh.<\/p>\n D\u01b0\u1edbi g\u00f3c \u0111\u1ed9 nh\u00e0 \u0111\u1ea7u t\u01b0, k\u00eanh TPDN v\u1eabn \u0111ang thi\u1ebfu s\u1ef1 h\u1ea5p d\u1eabn do thi\u1ebfu s\u1ef1 \u0111a d\u1ea1ng h\u00e0ng h\u00f3a (ng\u00e0nh ngh\u1ec1). B\u00ean c\u1ea1nh \u0111\u00f3, tr\u00e1i phi\u1ebfu c\u1ee7a nh\u00f3m ng\u00e2n h\u00e0ng c\u00f3 l\u00e3i su\u1ea5t kh\u00f4ng h\u1ea5p d\u1eabn, trong khi tr\u00e1i phi\u1ebfu c\u1ee7a nh\u00f3m b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1eabn ti\u1ec1m \u1ea9n nhi\u1ec1u r\u1ee7i ro do \u0111\u1eb7c \u0111i\u1ec3m ng\u00e0nh ngh\u1ec1, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c d\u00f2ng ti\u1ec1n c\u1ee7a doanh nghi\u1ec7p c\u0169ng nh\u01b0 r\u1ee7i ro ph\u00e1p l\u00fd d\u1ef1 \u00e1n.<\/p>\n (Ngu\u1ed3n: Vietstock.vn)<\/em><\/p>\n B\u1ea1c kh\u00f4ng ph\u00f9 h\u1ee3p \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/strong><\/p>\n \u00d4ng d\u1ef1 b\u00e1o g\u00ec v\u1ec1 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a k\u00eanh v\u00e0ng trong n\u0103m 2026 so v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c?<\/em><\/p>\n M\u00f4i tr\u01b0\u1eddng kinh t\u1ebf trong n\u0103m t\u1edbi \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 thu\u1eadn l\u1ee3i cho vi\u1ec7c n\u1eafm gi\u1eef v\u00e0ng. \u0110\u1ed3ng USD v\u00e0 l\u00e3i su\u1ea5t th\u1ef1c (l\u00e3i su\u1ea5t danh ngh\u0129a tr\u1eeb \u0111i l\u1ea1m ph\u00e1t) l\u00e0 2 y\u1ebfu t\u1ed1 ch\u00ednh chi ph\u1ed1i gi\u00e1 v\u00e0ng. Khi c\u00e1c s\u1ed1 li\u1ec7u l\u1ea1m ph\u00e1t g\u1ea7n \u0111\u00e2y th\u1ea5p h\u01a1n k\u1ef3 v\u1ecdng, M\u1ef9 v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba \u0111\u1ec3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong n\u0103m 2026. Trong khi \u0111\u00f3, kh\u1ea3 n\u0103ng \u0111\u1ed3ng USD t\u0103ng gi\u00e1 m\u1ea1nh l\u00e0 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p; nhi\u1ec1u kh\u1ea3 n\u0103ng USD s\u1ebd dao \u0111\u1ed9ng trong v\u00f9ng hi\u1ec7n t\u1ea1i, v\u1edbi r\u1ee7i ro gi\u1ea3m gi\u00e1 \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 h\u1ea1n ch\u1ebf h\u01a1n so v\u1edbi kh\u1ea3 n\u0103ng t\u0103ng gi\u00e1.<\/p>\n Ch\u00fang t\u00f4i cho r\u1eb1ng, \u0111\u00e3 xu\u1ea5t hi\u1ec7n s\u1ef1 d\u1ecbch chuy\u1ec3n mang t\u00ednh c\u1ea5u tr\u00fac trong lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 v\u00e0o v\u00e0ng. B\u00ean c\u1ea1nh vai tr\u00f2 truy\u1ec1n th\u1ed1ng l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro t\u00e0i ch\u00ednh v\u00e0 r\u1ee7i ro chi\u1ebfn tranh, xu h\u01b0\u1edbng phi \u0111\u00f4 la h\u00f3a v\u00e0 nhu c\u1ea7u ph\u00f2ng h\u1ed9 tr\u01b0\u1edbc l\u1ea1m ph\u00e1t c\u1ee7a ti\u1ec1n ph\u00e1p \u0111\u1ecbnh \u0111ang tr\u1edf th\u00e0nh nh\u1eefng \u0111\u1ed9ng l\u1ef1c c\u1ea7u m\u1edbi. Khi ch\u00ednh s\u00e1ch v\u00e0 l\u1eadp tr\u01b0\u1eddng c\u1ee7a M\u1ef9 ng\u00e0y c\u00e0ng kh\u00f3 \u0111o\u00e1n \u0111\u1ecbnh, ni\u1ec1m tin v\u00e0o \u0111\u1ed3ng USD \u0111\u00e3 suy y\u1ebfu. PHFM quan s\u00e1t th\u1ea5y m\u1ed9t s\u1ed1 qu\u1ed1c gia \u0111ang t\u1eebng b\u01b0\u1edbc th\u00fac \u0111\u1ea9y qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a, chuy\u1ec3n \u0111\u1ed5i d\u1ef1 tr\u1eef t\u1eeb USD sang v\u00e0ng. Ngo\u00e0i ra, khi ng\u00e0y c\u00e0ng nhi\u1ec1u ng\u01b0\u1eddi nh\u1eadn th\u1ee9c r\u1eb1ng c\u00e1c ch\u00ednh ph\u1ee7 ti\u1ebfp t\u1ee5c in ti\u1ec1n, gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 b\u1ecb b\u00e0o m\u00f2n theo th\u1eddi gian, nhu c\u1ea7u n\u1eafm gi\u1eef v\u00e0ng \u0111\u1ec3 b\u1ea3o to\u00e0n t\u00e0i s\u1ea3n ng\u00e0y c\u00e0ng gia t\u0103ng. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00e0nh m\u1ed9t d\u1ea1ng ph\u00e2n b\u1ed5 chi\u1ebfn l\u01b0\u1ee3c mang t\u00ednh d\u00e0i h\u1ea1n.<\/p>\n Ngu\u1ed3n c\u1ea7u ch\u00ednh \u0111\u1ed1i v\u1edbi v\u00e0ng \u0111\u1ebfn t\u1eeb 3 nh\u00f3m: Trang s\u1ee9c, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u1ea1i nh\u1eefng th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i v\u00e0 c\u00e1c qu\u1ef9 ETF m\u00f4 ph\u1ecfng gi\u00e1 v\u00e0ng. Trong l\u1ecbch s\u1eed, vi\u1ec7c c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng gia t\u0103ng n\u1eafm gi\u1eef v\u00e0ng lu\u00f4n l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 v\u00e0ng, v\u00e0 y\u1ebfu t\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng trong n\u0103m t\u1edbi. G\u1ea7n \u0111\u00e2y, nhu c\u1ea7u c\u00f2n \u0111\u01b0\u1ee3c b\u1ed5 sung t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c m\u1edbi nh\u01b0 Tether – \u0111\u01a1n v\u1ecb ph\u00e1t h\u00e0nh stablecoin USDT – khi ngay c\u1ea3 l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh s\u1ed1 c\u0169ng b\u1eaft \u0111\u1ea7u \u0111a d\u1ea1ng h\u00f3a t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef.<\/p>\n Ch\u01b0a h\u1ebft, Trung Qu\u1ed1c hi\u1ec7n \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi t\u00ecnh tr\u1ea1ng \u201cthi\u1ebfu h\u1ee5t t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0\u201d, t\u1ee9c thi\u1ebfu c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c sinh l\u1eddi h\u1ea5p d\u1eabn. Tr\u01b0\u1edbc \u0111\u00e2y, c\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o hi\u1ec3m Trung Qu\u1ed1c ph\u00e2n b\u1ed5 m\u1ed9t ph\u1ea7n v\u1ed1n v\u00e0o b\u1ea5t \u0111\u1ed9ng s\u1ea3n, nh\u01b0ng khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Trung Qu\u1ed1c b\u01b0\u1edbc v\u00e0o chu k\u1ef3 suy gi\u1ea3m, c\u00e1c t\u1ed5 ch\u1ee9c n\u00e0y \u0111\u00e3 b\u1eaft \u0111\u1ea7u gia t\u0103ng t\u1ef7 tr\u1ecdng n\u1eafm gi\u1eef v\u00e0ng. Do \u0111\u00f3, x\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ea7u, c\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 cho v\u00e0ng l\u00e0 kh\u00e1 r\u00f5 r\u00e0ng.<\/p>\n K\u00eanh b\u1ea1c c\u00f3 th\u1ec3 c\u1ea1nh tranh v\u1edbi v\u00e0ng kh\u00f4ng khi m\u1ee9c t\u0103ng trong n\u0103m qua cao h\u01a1n c\u1ea3 v\u00e0ng?<\/em><\/p>\n B\u1ea1c, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u00e0ng, l\u00e0 kim lo\u1ea1i qu\u00fd n\u00ean gi\u00e1 c\u00f3 m\u1ee9c \u0111\u1ed9 t\u01b0\u01a1ng quan nh\u1ea5t \u0111\u1ecbnh v\u1edbi v\u00e0ng. \u0110\u1ee3t t\u0103ng gi\u00e1 c\u1ee7a b\u1ea1c trong n\u0103m nay c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t nh\u1ecbp t\u0103ng \u201cb\u1eaft k\u1ecbp\u201d. B\u1ea1c l\u00e0 kim lo\u1ea1i c\u00f3 \u0111\u1ed9 d\u1eabn \u0111i\u1ec7n cao nh\u1ea5t v\u00e0 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i trong c\u00e1c l\u0129nh v\u1ef1c nh\u01b0 pin n\u0103ng l\u01b0\u1ee3ng m\u1eb7t tr\u1eddi, xe \u0111i\u1ec7n, thi\u1ebft b\u1ecb y t\u1ebf v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m \u0111i\u1ec7n t\u1eed. Kh\u00e1c v\u1edbi v\u00e0ng, b\u1ea1c r\u1ea5t kh\u00f3 t\u00e1i ch\u1ebf. D\u00f9 c\u00f3 th\u1ec3 thu h\u1ed3i, h\u00e0m l\u01b0\u1ee3ng b\u1ea1c trong c\u00e1c s\u1ea3n ph\u1ea9m c\u00f4ng nghi\u1ec7p r\u1ea5t nh\u1ecf, khi\u1ebfn chi ph\u00ed thu h\u1ed3i th\u01b0\u1eddng cao h\u01a1n gi\u00e1 tr\u1ecb b\u1ea1c thu \u0111\u01b0\u1ee3c. Do \u0111\u00f3, ngu\u1ed3n cung b\u1ea1c b\u1ecb h\u1ea1n ch\u1ebf. X\u00e9t thu\u1ea7n t\u00fay theo cung – c\u1ea7u, b\u1ea1c v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng gi\u00e1. Theo The Silver Institute, th\u1ecb tr\u01b0\u1eddng b\u1ea1c \u0111\u00e3 r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i thi\u1ebfu h\u1ee5t ngu\u1ed3n cung trong 4-5 n\u0103m li\u00ean ti\u1ebfp.<\/p>\n M\u1ed9t \u0111i\u1ec3m kh\u00e1c bi\u1ec7t quan tr\u1ecdng n\u1eefa l\u00e0 v\u00e0ng l\u00e0 m\u1ed9t \u201ct\u00e0i s\u1ea3n t\u1ed3n tr\u1eef\u201d, trong khi b\u1ea1c mang t\u00ednh \u201cti\u00eau d\u00f9ng\u201d. V\u00e0ng c\u00f3 t\u00ednh \u1ed5n \u0111\u1ecbnh h\u00f3a h\u1ecdc cao, kh\u00f4ng b\u1ecb oxy h\u00f3a hay \u0103n m\u00f2n. G\u1ea7n nh\u01b0 to\u00e0n b\u1ed9 l\u01b0\u1ee3ng v\u00e0ng t\u1eebng \u0111\u01b0\u1ee3c khai th\u00e1c v\u1eabn \u0111ang \u0111\u01b0\u1ee3c l\u01b0u tr\u1eef trong kho d\u1ef1 tr\u1eef c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, \u0111\u01b0\u1ee3c ch\u1ebf t\u00e1c th\u00e0nh trang s\u1ee9c ho\u1eb7c \u0111\u01b0\u1ee3c t\u01b0 nh\u00e2n n\u1eafm gi\u1eef. Tuy nhi\u00ean, c\u1ea7n l\u01b0u \u00fd r\u1eb1ng, ngu\u1ed3n cung ti\u1ec1m n\u0103ng c\u1ee7a v\u00e0ng l\u00e0 r\u1ea5t l\u1edbn (t\u1ed3n kho hi\u1ec7n h\u1eefu). Khi gi\u00e1 \u0111\u1ee7 cao, b\u1ea5t k\u1ef3 l\u01b0\u1ee3ng v\u00e0ng n\u00e0o \u0111ang n\u1eafm gi\u1eef c\u0169ng c\u00f3 th\u1ec3 ngay l\u1eadp t\u1ee9c tr\u1edf th\u00e0nh ngu\u1ed3n cung cho th\u1ecb tr\u01b0\u1eddng.<\/p>\n Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a b\u1ea1c l\u1edbn v\u00e0 mang t\u00ednh \u0111\u1ea7u c\u01a1 cao h\u01a1n nhi\u1ec1u so v\u1edbi v\u00e0ng. Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng b\u1ea1c ch\u1ec9 b\u1eb1ng ch\u01b0a t\u1edbi m\u1ed9t ph\u1ea7n m\u01b0\u1eddi th\u1ecb tr\u01b0\u1eddng v\u00e0ng, v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1ecf th\u01b0\u1eddng d\u1ec5 b\u1ecb t\u00e1c \u0111\u1ed9ng m\u1ea1nh b\u1edfi c\u00e1c d\u00f2ng v\u1ed1n l\u1edbn. Trong khi v\u00e0ng ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c chi ph\u1ed1i b\u1edfi c\u00e1c \u201cthu\u1ed9c t\u00ednh ti\u1ec1n t\u1ec7\u201d v\u00e0 ch\u1ecbu \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 nh\u01b0 l\u00e3i su\u1ea5t, \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 \u0111\u1ed3ng USD th\u00ec b\u1ea1c v\u1eeba mang thu\u1ed9c t\u00ednh ti\u1ec1n t\u1ec7 v\u1eeba mang thu\u1ed9c t\u00ednh c\u00f4ng nghi\u1ec7p, khi\u1ebfn c\u00e1c \u0111\u1ed9ng l\u1ef1c gi\u00e1 tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p h\u01a1n.<\/p>\n PHFM khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e2n nh\u1eafc ph\u00e2n b\u1ed5 m\u1ed9t ph\u1ea7n danh m\u1ee5c v\u00e0o v\u00e0ng trong nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh gi\u00e1. V\u1edbi \u0111\u1eb7c \u0111i\u1ec3m bi\u1ebfn \u0111\u1ed9ng c\u1ee7a b\u1ea1c, \u0111\u00e2y l\u00e0 t\u00e0i s\u1ea3n kh\u00f4ng d\u1ec5 ph\u00f9 h\u1ee3p cho m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Ngay c\u1ea3 khi c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n \u1ee7ng h\u1ed9, logic \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p c\u00f9ng m\u1ee9c s\u1ee5t gi\u1ea3m m\u1ea1nh trong c\u00e1c chu k\u1ef3 \u0111i\u1ec1u ch\u1ec9nh th\u01b0\u1eddng v\u01b0\u1ee3t qu\u00e1 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro c\u1ee7a ph\u1ea7n l\u1edbn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n <\/p>\n N\u1ebfu nh\u00ecn t\u1ed5ng th\u1ec3 c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0, \u00f4ng nh\u1eadn \u0111\u1ecbnh \u0111\u00e2u l\u00e0 k\u00eanh c\u00f3 t\u1ef7 su\u1ea5t sinh l\u1eddi\/r\u1ee7i ro nh\u1ea5t trong n\u0103m 2026?<\/em><\/p>\n M\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1ec1n v\u1eefng c\u1ea7n bao g\u1ed3m s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n nh\u01b0 c\u1ed5 phi\u1ebfu, thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u00e0 h\u00e0ng h\u00f3a. M\u1eb7c d\u00f9 v\u00e0ng \u0111\u00e3 mang l\u1ea1i hi\u1ec7u qu\u1ea3 sinh l\u1eddi \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro t\u1ed1t h\u01a1n trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, nh\u01b0ng kinh nghi\u1ec7m t\u1eeb c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n cho th\u1ea5y c\u1ed5 phi\u1ebfu v\u1eabn l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 mang l\u1ea1i l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n cao nh\u1ea5t. Tuy nhi\u00ean, do c\u1ed5 phi\u1ebfu c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi, ch\u00fang t\u00f4i khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c c\u00e2n b\u1eb1ng, k\u1ebft h\u1ee3p gi\u1eefa c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu v\u00e0 v\u00e0ng. Vi\u1ec7c b\u1ed5 sung c\u00e1c nh\u00f3m t\u00e0i s\u1ea3n kh\u00e1c gi\u00fap \u0111a d\u1ea1ng h\u00f3a r\u1ee7i ro v\u00e0 gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu.<\/p>\n Nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng n\u00ean t\u1eadp trung to\u00e0n b\u1ed9 ngu\u1ed3n v\u1ed1n v\u00e0o m\u1ed9t lo\u1ea1i t\u00e0i s\u1ea3n duy nh\u1ea5t, c\u0169ng nh\u01b0 kh\u00f4ng n\u00ean ch\u1ec9 d\u1ef1a v\u00e0o ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng. Ti\u1ec1n g\u1eedi c\u00f3 vai tr\u00f2 gi\u1ed1ng nh\u01b0 c\u00f4ng c\u1ee5 ti\u1ebft ki\u1ec7m v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng h\u1ea1n ch\u1ebf. Khi n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n v\u00e0 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n tr\u01b0\u1edfng th\u00e0nh h\u01a1n, m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t v\u1ec1 d\u00e0i h\u1ea1n nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd gi\u1ea3m. Ch\u1ec9 nh\u1eefng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n t\u0103ng tr\u01b0\u1edfng v\u00e0 t\u00e0i s\u1ea3n ph\u00f2ng th\u1ee7 m\u1edbi c\u00f3 th\u1ec3 mang l\u1ea1i m\u1ee9c sinh l\u1eddi \u1ed5n \u0111\u1ecbnh cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n B\u1ea5t \u0111\u1ed9ng s\u1ea3n kh\u00f4ng ph\u00f9 h\u1ee3p \u0111\u1ec3 tr\u1edf th\u00e0nh k\u00eanh \u0111\u1ea7u t\u01b0 \u0111\u01a1n l\u1ebb do t\u00ednh thanh kho\u1ea3n th\u1ea5p v\u00e0 m\u1ee9c \u0111\u1ed9 nh\u1ea1y c\u1ea3m cao v\u1edbi c\u00e1c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u1ed5 phi\u1ebfu, vi\u1ec7c gi\u00e1 nh\u00e0 \u1edf t\u0103ng qu\u00e1 cao c\u00f3 th\u1ec3 g\u00e2y ra nh\u1eefng h\u1ec7 l\u1ee5y x\u00e3 h\u1ed9i nghi\u00eam tr\u1ecdng. N\u1ebfu to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n b\u1ecb \u201ckh\u00f3a\u201d trong b\u1ea5t \u0111\u1ed9ng s\u1ea3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t khi n\u1ec1n kinh t\u1ebf suy gi\u1ea3m m\u1ea1nh, trong khi c\u1ed5 phi\u1ebfu v\u1eabn cho ph\u00e9p tho\u00e1i v\u1ed1n nhanh h\u01a1n khi c\u1ea7n thi\u1ebft.<\/p>\n (Ngu\u1ed3n: Vietstock.vn)<\/em><\/p>\n <\/p>\n Tr\u00e1nh t\u01b0 duy ki\u1ebfm ti\u1ec1n nhanh t\u1eeb th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n Theo \u00f4ng, c\u00e1c doanh nghi\u1ec7p c\u1ea7n chu\u1ea9n b\u1ecb g\u00ec cho b\u1ed1i c\u1ea3nh kinh t\u1ebf n\u0103m 2026?<\/em><\/p>\n \u0110\u1ed1i v\u1edbi doanh nghi\u1ec7p, m\u1eb7c d\u00f9 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng tr\u00ean to\u00e0n c\u1ea7u l\u1eabn Vi\u1ec7t Nam v\u1eabn \u0111ang c\u1ed1 g\u1eafng gi\u1eef m\u1ee9c l\u00e3i su\u1ea5t th\u1ea5p \u0111\u1ec3 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng, ch\u00ednh ph\u1ee7 c\u00e1c n\u01b0\u1edbc n\u00e0y hi\u1ec7n \u0111ang ph\u1ea3i chuy\u1ec3n h\u01b0\u1edbng s\u1eed d\u1ee5ng c\u00e1c ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a m\u1ea1nh trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111ang kh\u00f4ng c\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba.<\/p>\n L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu \u0111ang nh\u00edch l\u00ean cao, ph\u1ea3n \u00e1nh nhu c\u1ea7u v\u1ed1n trung v\u00e0 d\u00e0i h\u1ea1n gia t\u0103ng. Chi ph\u00ed v\u1ed1n t\u0103ng l\u00ean \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c doanh nghi\u1ec7p n\u00ean c\u1ea9n tr\u1ecdng v\u00e0 suy ngh\u0129 k\u1ef9 tr\u01b0\u1edbc m\u1ed7i quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, \u0111\u1ec3 c\u00f3 th\u1ec3 t\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb cho c\u1ed5 \u0111\u00f4ng.<\/p>\n \u1ede g\u00f3c \u0111\u1ed9 t\u00e0i ch\u00ednh, trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, doanh nghi\u1ec7p c\u00f3 l\u1ebd ch\u1ec9 n\u00ean ph\u00e2n chia l\u1ea1i l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c b\u1eb1ng ti\u1ec1n hay mua l\u1ea1i c\u1ed5 phi\u1ebfu thay v\u00ec c\u1ed1 ch\u1ea5p \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng ch\u1ec9 \u0111\u1ec3 t\u1ea1o ra m\u1ee9c t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n \u0111\u1ea7u t\u01b0 (ROIC) nh\u1ecf h\u01a1n chi ph\u00ed v\u1ed1n.<\/p>\n <\/p>\n C\u00f2n nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n th\u00ec sao?<\/em><\/p>\n Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n n\u00ean quan ni\u1ec7m \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t c\u00e1ch \u0111\u1ec3 b\u1ea3o to\u00e0n v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n m\u1ed9t c\u00e1ch b\u1ec1n v\u1eefng, d\u00e0i h\u1ea1n. H\u00e3y tr\u00e1nh t\u01b0 duy \u201cng\u1eafn h\u1ea1n\u201d v\u00e0 ki\u1ebfm ti\u1ec1n nhanh t\u1eeb th\u1ecb tr\u01b0\u1eddng.<\/p>\n N\u00ean c\u1ea9n th\u1eadn v\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y qu\u00e1 cao v\u00e0 h\u00e3y t\u1eadn d\u1ee5ng vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a t\u00e0i s\u1ea3n \u0111\u1ec3 gi\u1ea3m thi\u1ec3u nh\u1eefng r\u1ee7i ro ri\u00eang bi\u1ec7t v\u1edbi t\u1eebng c\u1ed5 phi\u1ebfu. D\u00f2ng ti\u1ec1n v\u1eabn s\u1ebd ti\u1ebfp t\u1ee5c mang t\u00ednh ch\u1ecdn l\u1ecdc trong n\u0103m 2026, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c kh\u00f4ng ph\u1ea3i m\u1ecdi c\u1ed5 phi\u1ebfu s\u1ebd c\u00f3 th\u1ec3 t\u1eadn h\u01b0\u1edfng m\u1ee9c t\u0103ng gi\u00e1 chung theo th\u1ecb tr\u01b0\u1eddng v\u00e0 y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i c\u00f3 kh\u1ea3 n\u0103ng ch\u1ecdn lo\u1ea1i c\u1ed5 phi\u1ebfu v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro.<\/p>\n N\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u01b0a c\u00f3 k\u1ef9 n\u0103ng ch\u1ecdn l\u1ecdc c\u1ed5 phi\u1ebfu hay \u0111\u01a1n gi\u1ea3n l\u00e0 kh\u00f4ng c\u00f3 th\u1eddi gian theo s\u00e1t th\u00ec vi\u1ec7c t\u00ecm ki\u1ebfm h\u1ed7 tr\u1ee3 t\u1eeb c\u00e1c chuy\u00ean gia ho\u1eb7c \u1ee7y th\u00e1c \u0111\u1ea7u t\u01b0 s\u1ebd mang l\u1ea1i l\u1ee3i \u00edch cao khi m\u1ecdi ng\u01b0\u1eddi c\u00f3 th\u1ec3 t\u1eadp trung l\u00e0m vi\u1ec7c m\u00ecnh t\u1ed1t nh\u1ea5t.<\/p>\n T\u1ed5ng h\u1ee3p n\u1ed9i dung t\u1eeb Vietstock.vn<\/em><\/p>","protected":false},"excerpt":{"rendered":" Tr\u1ea3 l\u1eddi ph\u00f2ng v\u1ea5n c\u1ee7a b\u00e1o Vietstock.vn v\u1ec1 \u0111\u00e1nh gi\u00e1 tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng n\u0103m 2026, \u00f4ng Ph\u00f9ng Minh Ho\u00e0ng – Gi\u00e1m \u0111\u1ed1c chi\u1ebfn l\u01b0\u1ee3c, CTCP Qu\u1ea3n l\u00fd qu\u1ef9 Ph\u00fa H\u01b0ng (PHFM) cho r\u1eb1ng \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng kh\u00f4ng ch\u1ec9 t\u1eeb c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng m\u00e0 n\u1eb1m \u1edf th\u1ef1c l\u1ef1c c\u1ee7a c\u00e1c nh\u00f3m ng\u00e0nh h\u01b0\u1edfng…<\/p>\n","protected":false},"author":10,"featured_media":15412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,107],"tags":[175,173,174,176,177,178],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/15411"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=15411"}],"version-history":[{"count":2,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/15411\/revisions"}],"predecessor-version":[{"id":15418,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/15411\/revisions\/15418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/15412"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=15411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=15411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=15411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.phfm.vn\/wp-content\/uploads\/phfm-ghep-1.jpg\")
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